US Federal Authorities Arrest Man for Selling 9.99 Bitcoin

If you are thinking about selling bitcoin for cash inside the Unites States to people you don’t know, caution is advised. A reminder to stay alert for undercover government agents who might try to entrap you has been served by a recent California case.

Another Bitcoin Arrest in the US

An American citizen was arrested earlier this month for selling bitcoin by the Immigration and Customs Enforcement (ICE) agency, the federal government law enforcement body under the jurisdiction of the US Department of Homeland Security.

According to case records from the Southern District Court of California, Morgan Rockcoons (aka Morgan Rockwell) is accused of laundering monetary instruments and the operation of an unlicensed money transmitting business. The government also seeks the forfeiture of all his assets related to the matter, the records further show.

Abusing Hash Power'

As for the count regarding the operation of an unlicensed money transmitting business, it is a more broad accusation which the US authorities can apparently pin on any individual who trades in larger amounts of bitcoin not on an approved exchange. In a previous case where a Localbitcoins user from Michigan was charged, an agent claimed that any transaction of $3,000 or more must comply with know-your-customer (KYC) regulations.


Images courtesy of Shutterstock.


The post US Federal Authorities Arrest Man for Selling 9.99 Bitcoin appeared first on Bitcoin News.

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